Retail Rehab

Redevelopment In June 2007, City Council approved the Retail Redevelopment and Rehabilitation Program to redevelop aging and underutilized retail facilities within the City of Carrollton. The Retail Redevelopment and Rehabilitation Grant Program provides financial incentives to existing retail shopping centers and other retail facilities for enhancements and/or redevelopment. The program is retention-based, with the goal of rehabilitating retail facilities to improve their aesthetic or architectural appeal. The intent of the program is to attract new retail business; generate additional sales tax and will enhance the economic viability of the area.

The following is an overview of the program.

Retail Redevelopment and Rehabilitation Program

1. Performance-based Matching Grant
The Program is sponsored by the City to provide financial incentives to existing retail shopping centers and other retail facilities for enhancements and/or redevelopment. Improvements must enhance the tax base related to the retail facilities and surrounding development. The Program is retention-based with the goal of rehabilitating the retail facilities for aesthetic or architectural appeal. Each application is determined on a case by case approach.

The Program is a performance-based loan or matching grant program. If a grant is to be utilized, the City may elect to make a grant in an amount up to 100% the cost of the improvements (refer to eligible expenses below) such grant will not to exceed $1 million of public funds for each grantee. If the City elects to make a loan it may make the loan on terms and conditions it deems appropriate.

3. Eligibility Criteria for Eligible Retail Facilities
• The retail facility or facilities must be older than twenty (20) years.
• The property on which the retail facility or facilities is located must be in excess of 2 acres, unless a smaller acreage is approved by the City.
• Potential impact of the reinvestment project on surrounding neighborhoods.

4. Application and Approval Process
• An application for incentive must be submitted to the City's Office of Economic Development by the land owner. The application should include a detailed description of the project including renderings or drawings of the finished project, a project budget including sources of funds and a project timetable. The application should describe how the project will enhance the ability of the shopping retail center to attract and retain tenants.
• Project review of each application is required by staff including appropriate comments and recommendations for changes prior to submission to the City Council Retail Subcommittee (the "Retail Subcommittee").
• All applications will be reviewed by the City Council Retail Subcommittee. Applicants will be interviewed by the Retail Subcommittee and any modifications to the application will be made prior to forwarding the application to the full City Council with a recommendation for approval or denial.
• City Council will review the recommendation of the Retail Subcommittee and vote to either approve or deny the grant application.
• Grant incentives will consist primarily of cash payments payable upon successful completion of all facility improvements or redevelopment as outlined in an incentive agreement to be entered into between the City and the owner of the retail facility or facilities receiving the grant. Loan incentives will be made upon the terms and conditions mutually agreed upon by the City and the owner of the retail facility or facilities the subject of the loan.

To date, two retail centers have received grant monies through the Retail Redevelopment and Rehabilitation Program. They are as follows:

The Randy Twist Project
The Randy Twist Project is the retail center located at the southwest corner of Josey Lane and Trinity Mills. Built in 1978, this 18,740 square foot center was in need of a renovation. The center was the first grant recipient of the Retail Redevelopment & Rehabilitation Grant Program.

The Retail Redevelopment & Rehabilitation Grant Program enabled the owner to transform an aging center into a more aesthetically pleasing one. The renovation was completed in a three-month timeframe and the owners of the adjacent retail centers were so impressed with the renovation that the wanted to apply for the same grant program.

The redevelopment of the Randy Twist Project attracted new retail tenants, generated additional sales tax revenue and certainly enhanced the aesthetic appearance of the area.

Before photo of the Randy Twist Project

After photo of the Randy Twist Project

The Shops at Old Denton

Shops at Old Denton chosen as "Best New Foodie Hangout" by D Magazine's - "The Best of Big D."

The Shops at Old Denton is located at the northwest corner of Old Denton and the President George Bush Turnpike (PGBT). This 295,000 SF shopping center, the former Furneaux Creek Shopping Center recently underwent a multi-million dollar redevelopment. The current owners transformed this once under-performing shopping center into a vibrant Asian retail destination. The center is currently at 95% occupancy with the redevelopment near completion. Super H-Mart, the 70,000 square foot Asian grocery store is the anchor. Numerous restaurants and retailers occupy the remaining tenant space and pad sites. Adjacent uses include big box retailers, residential and vacant land.

Before photo of the Shops at Old Denton

After photo of the Shops at Old Denton

Read about the Shops at Old Denton being chosen as the "Best New Foodie Hangout" in the August 2009 issue of D Magazine's special feature on "The Best of Big D." Best of Big D